Quarter ending Dec 2023, page-30

The problem, I think, is a conflict of interest. On the one hand, brokers such as Shaw’s present themselves as objective, independent analysts of companies and their prospects; at the same time, however, they are often touting for business with the same companies whose operations they analyse. Shaw’s have been involved, for example, in a string of capital raisings for companies that they analyse (and effectively promote). The conflict of interest is pretty clear — and certainly problematic.